8. Leases

Between October 2023 and June 2025, the Company entered into, and amended, facilities leases for approximately 53,000 square feet of office and laboratory space in Bothell, Washington. As part of the amended lease agreements, the Company has the right to receive tenant improvement allowances in the aggregate of up to $9.3 million for leasehold improvements, which are accounted for as lease incentives. The Bothell lease expires on March 31, 2033, and includes two five-year renewal options that are not included in the lease term as it is not reasonably certain that they will be exercised.

In April 2026, the Company entered into an additional lease for approximately 16,000 square feet of office space in Bothell, Washington. The lease expires on August 31, 2031 and includes one five-year renewal option that is not included in the lease term as it is not reasonably certain that it will be exercised.

The Company recorded operating lease expense of $0.3 million and $0.5 million for the three and six months ended June 30, 2026, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 2025, respectively. Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. The Company incurred variable lease costs of $0.2 million and $0.3 million for the three and six months ended June 30, 2026, respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively.